📊 About the APY spike (37.66%)

TL;DR: The 37.66% APY is a temporary effect caused by a large withdrawal mid-cycle. One validation round paid roughly double rewards, while the next round earns no rewards. Combined, this works out to about 17.3% APY, which is in line with Hipo's normal yield. APY will return to its usual ~17.5% range after the next participated validation round.
Quick explainer on the recent APY jump: it's a timing quirk, not a change in real returns.

A large holder withdrew ~2M GRAM (about half of TVL). But the round already in progress had loans sized off the old ~4M pool. When it settled, rewards earned on ~4M of principal went to a pool backing half as many hGRAM, so remaining holders earned roughly double for that one round. The APY display annualizes the latest round, hence 37.66%. A real one-time windfall, not an error.

With TVL halved mid-cycle, we couldn't participate in the current round, so it will earn no rewards. One double round + one quiet round = ~17.3% annualized right at the normal rate.

What to expect:
- The display will stay at ~37.66% until the next participated round settles, then step back to normal in one move. Both are expected.
- From then on, loans are sized to the current pool and APY returns to its usual ~17.5% range.

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